Singapore property developer GuocoLand (GUOC.SI) said on Friday it plans to raise $532.5 million through a rights issue to fund potential acquisitions and strengthen its balance sheet.

GuocoLand has proposed issuing about 296 million new shares at $1.80 each, which represents a discount of about 15.9% to its last closing price of $2.14.

 

Under the proposed rights issue, one rights share will be distributed for every three existing ordinary GuocoLand share.

 

Its parent, Hong Kong-based Guoco Group (0053.HK), will subscribe for its pro-rata entitlement of the rights shares and any others which are not taken up by other shareholders of GuocoLand, it said in a statement.